It seems like we are moving through the traditional technology hype cycle for social media (just like every other new technology that we've seen in the past).
The social media hype cycle appears to be heading away from the 'peak of inflated expectations' and towards the 'trough of disillusionment" during 2008. This is a good thing, since it is only when we are past all this can we begin to work out how to use the technology effectively and to monetize it successfully (a.k.a. the 'plateau of productivity').
I know that I am experiencing online social networking fatigue and anecdotally a lot of users are mentioning it in conversation with me too. However, business folks are only just starting to get their heads around this space. The wave of early adopter interest is moving - to video (check out Loic's seesmic) perhaps?
Methinks consolidation and realignment are the watchwords for this sector.
By Carruthers via Aide-mémoire